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CJI DY Chandrachud Launches “Neutral Citations” For All Supreme Court JudgementsOn 23rd February 2023, Chief Justice of India (CJI) D Y Chandrachud, launched the “Neutral Citations” which would ensure a uniform pattern of citing all the decisions of the Supreme Court.
Neutral citation system:
i.The Neutral citations system is a part of the efforts of the Supreme Court to introduce and implement a uniform, reliable and secure methodology to identify and cite decisions in the supreme court.
ii.On 23rd February 2023, The bench headed by CJI, DY Chandrachud announced that all the judgements of the apex court will have neutral citations.
iii.A committee of 3 High Court judges has been constituted to work on the process of neutral citations.
- It is noted that the high court of Delhi and Kerala already have a neutral citation system.
i.CJI noted that the SC will also employ a machine learning (ML) tool to translate the verdicts from English to Indian Languages. So far, Around 2900 judgements have been translated into Hindi.
ii.A team of district judges and law researchers will assist in checking the translated versions of the judgements.
Electronic Supreme Court Reports (e-SCR) project:
The e-SCR project launched by CJI on 2nd January 2023 is aimed to provide free access to around 34000 judgements to lawyers, law students and the common public.
- e-SCR projects also aims to provide a digital version of the apex court’s judgments in the manner as they are reported in the official law report – ‘Supreme Court Reports’.
Mercom report: India’s Solar capacity installations grows 27% to 13 GW in 2022 As per the Mercom India report, titled ‘2022 Q4 and Annual India Solar Market Update’, Solar capacity installations in India increased by 27% year-on-year (y-o-y) to 13 gigawatts (GW) during the calendar year (CY) 2022 compared to 10.2 GW installed in CY 2021.
- Solar capacity Installations in 2022 were the highest ever recorded in India.
- The cumulative solar capacity installed in India was approximately 63 GW at the end of Q4 2022.
i.During CY 2022, large-scale solar projects accounted for 87% of the installations. Rooftop installations decreased by 3.7% YoY.
ii.India’s large-scale solar project pipeline stood at 58 GW, with another 51 GW of projects tendered and pending auction
iii.India added 2.6 GW of solar installed in Q4 (October-December) 2022, decreased by 5% from 2.8 GW in 2021, a marginal decrease of 2.5% from 2.7 GW installed in Q3 2022.
- Solar accounted for 82% of new power capacity additions in 2022, the highest recorded in any year
iv.Rajasthan, Karnataka and Gujarat were the top three states for cumulative large-scale solar capacity, accounting for 54% of installations in India as of December 2022.
v.Renewable energy sources accounted for 96% of new power capacity added in 2022, the highest share in India’s history.
vi.India requires 27 GW annual solar installation per year to meet the 280 GW target by 2030.
vii.The average cost of projects throughout CY 2022 was affected due to higher module prices and supply constraints.
CSC Academy and NIELIT signs MoU to Enhance Digital Literacy and Skill Development in IndiaOn February 23, 2023, a Memorandum of Understanding (MoU) has been signed between CSC Academy, a subsidiary of Common Service Centre (CSC) e-Governance Services India Limited, and New Delhi (Delhi)-based National Institute of Electronics and Information Technology (NIELIT) to enhance digital literacy and skill development in India.
The MoU was signed in the presence of Director General Dr. Madan Mohan Tripathi, NIELIT; Chief Executive Officer (CEO) Dr. Rishikesh Patankar, CSC Academy; MD (Managing Director) & CEO Sanjay Kumar Rakesh, CSC SPV (Special Purpose Vehicle); among others.
Aim behind MoU:
i.To establish a long-term partnership between the two organizations
iii.To create employment opportunities for the youth of India
What is in the MoU?
i.Under this, both sides will develop and implement training programs in various fields of technology that promote digital literacy.
- These will include Skill Development, Virtual Academy, Accreditation and Facilitation Centre, Faculty Development Program, Digital and financial inclusion, Entrepreneurship development, Content and certifications and Provision of support to mutual partners and NGOs (Non Government Organizations).
ii.Both entities will reach out to a wider audience and help them to acquire new skills, thus creating a skilled workforce for the Indian digital economy.
About CSC Academy:
It is a subsidiary of CSC SPV and provides digital literacy and skill development training to the rural youth of India. It bridges the digital divide and creates employment opportunities for the rural population of India.
CEO– Dr Rishikesh Patankar
It is affiliated with the Ministry of Electronics and Information Technology (MeitY) and provides training and certification programs in various fields of Information Technology (IT).
Director General– Dr Madan Mohan Tripathi
Headquarters– New Delhi, Delhi
18th UIC World Security Congress organized by UIC & RPF in Jaipur, RajasthanThe 18th UIC World Security Congress, a 3-day Conference, was held in Jaipur, Rajasthan from 21st February to 23rd February 2023. It was jointly organised by the International Union of Railways (UIC – Union International Des Chemins) and the Railway Protection Force (RPF), India.
The theme of Congress is “Railway Security Strategy: Responses and Vision for Future”.
- The congress was divided into 4 sessions with underlying sub-themes of “Protecting Critical Assets & Freight”, “Human Security Approach”, “Best Railway Security Tools & Practices across the World” and “Vision 2030”.
A Special UIC edition of the RPF Journal was released on the occasion.
- The journal contains articles from leading professionals from Indian and International police and security organizations, senior officials with decades of experience in civil administration and industry experts.
On the 2nd day, the Congress focused on exploring the best Railway Security tools and practices from around the world and called for an international collaboration to tackle Railway security challenges.
“Jaipur Declaration” adopted at the 18th World Security Congress
On 23rd February 2023, the 18th UIC World Security Congress concluded with the adoption of the Jaipur Declaration for rail safety and security by the attendees.
About International Union of Railways (UIC) or Union International Des Chemins:
Chairman- Krzysztof Mamiński
Director-General- François Davenne
Headquarters- Paris, France
About Railway Protection Force (RPF):
Director General- Sanjay Chander IPS
Headquarters- New Delhi, Delhi
Establishment- 1957 (Constituted as a federal Force)
>> Read Full News
Union Cabinet approves Construction of Shinkun La tunnel in Ladakh
The Cabinet Committee on Security(CCS) approved the construction of the 4.1 kilometres (km) Shinkun La tunnel on the Nimu (Ladakh) -Padam (Ladakh) -Darcha(Himachal Pradesh) road link to provide all-weather connectivity to the border areas of Ladakh.
- The tunnel will be completed at a cost of Rs 1,681 crore by December 2025. An approach will also be built by December 2025.
The Shinkun La tunnel will provide Ladakh all-weather road access, which will be the shortest route to reach the Union Territory (UT) border regions
CAG Girish Chandra Murmu selected as External Auditor of ILO Girish Chandra Murmu (G.C. Murmu), Comptroller and Auditor General(CAG) of India, has been selected as External Auditor of the International Labour Organisation (ILO) in Geneva, Switzerland, for a 4-year term (2024-2027).
- CAG Girish Chandra Murmu will replace the incumbent external auditor of ILO, Jose Callangan Calida, Chairperson of the Commission on Audit (COA), the Supreme Audit Institution of the Republic of the Philippines.
Note: The appointment of CAG is a recognition of its status within the international community and of its professionalism, high standards, experience with international audits, and solid national credentials.
i. The selection panel for the appointment of the external auditor was formed by ILO and invited bids from the Superior Audit Institutions (SAIs).
ii. The ILO selected three Supreme Audit Institutions (India, Canada, and the United Kingdom) for technical presentations based on their technical expertise and other criteria.
About Girish Chandra Murmu:
i. Girish Chandra Murmu, a 1985 batch Indian Administrative Service (IAS) officer of Gujarat cadre, assumed office as the 14th Comptroller and Auditor General (CAG) of India on 8th August 2020.
ii. he served as the first Lieutenant Governor of the Union Territory (UT) of Jammu and Kashmir (J&K) from 2019-2020 after the bifurcation of the state into two union territories.
iii. Previously, he served in various capacities in the Government of India such as Secretary of the Department of Expenditure, Special and Additional Secretary in the Department of Financial Services and Department of Revenue, and Joint Secretary in the Department of Expenditure.
iv. Girish Chandra Murmu is currently the external auditor of the Inter-Parliamentary Union (2020-2022), World Health Organization (2020-2023), Food and Agriculture Organization (2020-2025), Organization for Prohibition of Chemical Weapons (2021-2023), and International Atomic Energy Agency (2022-2027).
About the International Labour Organisation (ILO):
Director-General- Gilbert Fossoun Houngbo
Headquarters- Geneva, Switzerland
Members- 187 Member States
I2U2 Business Forum’s Inaugural Meeting Hosted by UAE in Abu Dhabi; India became Member of AIM4C
The inaugural I2U2 (a grouping of Israel, India, the UAE (United Arab Emirates), and the United States) Business Forum was hosted by the UAE on February 21-22, 2023 in Abu Dhabi, UAE.
Highlights of 1st I2U2 Business Forum:
i.I2U2 Business Forum discussed building integrated agricultural facilities across India. As a part of the forum’s initiative, the UAE is committed to a $2-billion investment for integrated agricultural facilities across India and the development of a 300-MW wind and solar power plant in Gujarat.
ii.At the forum, India was represented by Dammu Ravi, secretary (economic relations) of the external affairs ministry.
- Dammu Ravi stated India’s commitment to I2U2 and insisted all stakeholders work towards achieving tangible progress in I2U2 initiatives, including setting up an innovation centre at Gurugram, Haryana.
- By representing India’s LiFE (Lifestyle for Environment) initiative, he urged I2U2 partners to work for a sustainable and environment-friendly lifestyle.
iii.The Business Forum was also addressed by Ahmed Al Sayegh, UAE minister of state, Jose Fernandez, US undersecretary of state, Ronen Levi, director general of Israel’s foreign ministry, and Brett McGurk, the White House coordinator for the Middle East and North Africa.
-India Joins the Agriculture Innovation Mission for Climate
On the sidelines of the I2U2 Business Forum, in Abu Dhabi, UAE, India became the latest member of the Agriculture Innovation Mission for Climate (AIM4C), which was launched by the UAE and the US at COP26 in November 2021.
- AIM4C intends to increase investment in and support climate-smart agriculture and food systems innovation.
- The AIM4C initiative has successfully increased these investments to more than 8 billion U.S. dollars globally.
- Being a member, India joins more than 275 partners, including 42 governments, who are working to collectively advance AIM4C’s mission by supporting investment in climate-smart agriculture and food systems innovation.
The I2U2 Grouping was conceived during a conference of the Foreign Ministers of four countries, India, Israel, the United States, and the United Arab Emirates in October 2021 to deepen technological and private sector collaboration in the region and tackle transnational challenges in six focus areas water, energy, transportation, space, health, and food security.
Note – UAE prepares to host COP28 in November 2023.
S&P Global’s Top 250 Global Energy Company ranking: NTPC Top among Independent Power Producers and Energy Traders
NTPC Limited, India’s largest power generating company has topped among the Independent Power Producers and Energy Traders category in the S&P Global Commodity Insights Top 250 Global Energy Company Rankings® 2022.
Globally, NTPC is ranked 58th.
i.NTPC currently contributes 24% of the total electricity produced in India with a share of 17% of the installed capacity.
ii.NTPC targets non-fossil fuel-based capacity to make up around 50% of its portfolio by 2032.
- NTPC’s portfolio includes a renewable energy capacity of 60 GW and a total portfolio of 130GW.
- It has teamed with NITI Aayog for the Net Energy Zero effort.
About the S&P Global’s Top 250 Global Energy Company ranking:
i.The S&P Global’s ranking, the annual survey of the publically traded global energy companies, calculates and ranks based on financial performance using four key metrics: asset worth, revenues, profits and return on invested capital.
ii.All the companies in the list have assets greater than USD 5 billion.
Top 5 on the 2022 ranking:
|1||Saudi Arabian Oil Co||Europe, Middle East, and Africa (EMEA)||Integrated Oil and Gas|
|2||Petróleo Brasileiro SA – Petrobras||Americas||Integrated Oil and Gas|
|3||PJSC LUKOIL||EMEA||Integrated Oil and Gas|
|4||Exxon Mobil Corp||Americas||Integrated Oil and Gas|
|5||Public JSC Gazprom||EMEA||Integrated Oil and Gas|
Indian companies among the top 50 on the ranking:
|14||Oil & Natural Gas Corp Ltd(ONGC)||Asia/Pacific Rim||Integrated Oil and Gas|
|22||Reliance Industries Ltd(RIL)||Asia/Pacific Rim||Oil and Gas Refining and Marketing|
|25||Indian Oil Corp Ltd(IOCL)||Asia/Pacific Rim||Oil and Gas Refining and Marketing|
|44||Bharat Petroleum Corp Ltd(BPCL)||Asia/Pacific Rim||Oil and Gas Refining and Marketing|
|46||Coal India Ltd(CIL)||Asia/Pacific Rim||Coal and Consumable Fuels|
Sri Lanka approves USD 442 Million Adani Green Wind Power PlantsOn 22nd February 2023, the Board of Investment (BOI) of Sri Lanka issued a letter of approval to India’s Adani Green Energy Limited (AGEL) for 2 wind power plants project in Mannar and Pooneryn areas of (northern province) Sri Lanka with a total investment of USD 442 million.
- The two wind power facilities of 350 megawatts (MW) will be commissioned in two years and will be added to the national grid by 2025. It will likely create around 1500 to 2,000 jobs.
i. Adani Green Energy is the renewable energy unit of the embattled Adani Group. The Adani investments in Lanka’s energy sector are in addition to their investment in the port of Colombo’s Western container terminal.
ii. With this BOI’s approval, the Adani Group’s total investments in Sri Lanka now exceed USD 1 billion.
- Construction on the West Container Terminal began in November 2022, and it has already committed to investing USD 700 million at a strategic port terminal in Colombo, Sri Lanka.
iii. Sri Lanka raised power tariffs by a hefty 66% recently in an effort to get a USD 2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to emerge from its worst financial crisis in more than 7 decades.
About Adani Green Energy Limited(AGEL):
Chief Executive Officer (CEO)- Vneet Jaain
Headquarters- Ahmedabad, Gujarat
About Sri Lanka:
Prime Minister- Dinesh Gunawardena
President- Ranil Wickremesinghe
Capitals- Colombo, Sri Jayawardenepura Kotte
Currency- Sri Lankan Rupee
BANKING & FINANCE
Karnataka Bank, Paisalo Digital inked Co-Lending Pact for MSME LendingA co-lending agreement has been signed between the Karnataka Bank (KBL) and Paisalo Digital Ltd (PDL), a non-deposit-taking NBFC (Non-Banking Financial Company) registered with the Reserve Bank of India (RBI).
- This arrangement will provide financial support, and inclusion to the small income segment, and give impetus to the Micro, Small and Medium Enterprise (MSME) segment of India.
It was signed by Gokuldas Pai, Chief Business Officer of Karnataka Bank, and Santanu Agarwal, Deputy Managing Director of Paisalo in New Delhi, Delhi.
i.This pact will utilize KBL’s low cost of funds and its end-to-end digital capabilities and PDL to help the sourcing, servicing and recovery of small-ticket priority sector loans.
- This will help both sides in extending credit to the priority sector like agriculture, retail, MSME, and women entrepreneurs.
ii.This pact is on the line with RBI guidelines on Co-lending by banks and NBFCs to Priority Sector to improve the flow of credit to unserved and underserved segments.
iii.In September 2022, PDL signed a co-lending pact with UCO Bank. It also has tied up with SBI (State Bank of India) wherein the latter has allotted 984 codes for the opening of new Customer Service Point (CSP) Outlets during FY23.
About Karnataka Bank:
Managing Director and Chief Executive Officer– Mahabaleshwara MS
Headquarters– Mangaluru, Karnataka
Niva Bupa rolls out ReAssure 2.0, a New Comprehensive PlanOn February 23, 2023, Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance) launched ‘ReAssure 2.0’ which is a ‘+’ (plus) variant of its current ReAssure plan.
- This is an indemnity plan bettering on its 3 benefits, ReAssure, Booster and Safeguard offered under the current ReAssure plan. ReAssure 2.0 provides a ‘+’ variant of these benefits to offer greater benefits.
- It also offers a ‘live healthy’ benefit that gives a premium discount of up to 30% on policy renewal basis health points earned.
It is available as an individual, multi-individual and family floater starting from Rs 5 lakh to Rs 1 crore for the age bracket of 18 years to 65 years.
i.This plan offers lock in of entry age until customer make a first claim thereby helping customers save on premium.
- After the first claim, regular age band wise premiums will be paid.
ii.ReAssure Forever: Under this, customer will always have a sum-insured equal to his base sum insured available to him after the customer has made his first claim, that too unlimited times in a policy.
iii.Booster+ benefit: It allows the unutilized base sum insured to be carried forward to the next policy year. The sum insured amount will keep on accumulating with each renewal till up to 5X and 10X, depending on whether the customer has opted for platinum+ or titanium+ variant.
iv.Safeguard+: This optional benefit lets one claim for all non-payable items as per Non-Payables Annexure in addition to safeguarding the Booster+ benefit if the claim in a policy year is up to 1 lakh.
No capping on room rent, any hospitalization of 2 hours and above will be covered, Smart Health+ rider – offering unlimited tele consultations – and Day one coverage for diabetes and hypertension.
AUM of ARCs expected to grow 9.8% in FY23: CRISIL ReportAccording to the ASSOCHAM-Crisil Ratings report, Assets Under Management (AUM) of Asset Reconstruction Companies (ARCs) is projected to grow 9.8% in FY23 to Rs 1,19,000 crore after a period of relative stagnation.
- ASSOCHAM full form is Associated Chambers of Commerce and Industry of India.
- This growth is five-year high driven by few large transactions.
- The report was released at the ARC seminar organised by ASSOCHAM.
i.The AUM stood at Rs 1.09 lakh crore in FY22.
ii.The growth in AUM, as measured by security receipts (SRs) outstanding, dropped to low single digits in the past 4 years.
iii.Between fiscals 2014 and 2018, AUM had grown at a steady pace (from Rs 42,000 crore to Rs 95,000 crore), initially driven by the supportive regulatory environment for banks to sell bad assets.
iv.There was steep fall in banks’ non-performing assets (NPAs), which is set to fall to under 5% by March 2023, down from over 11% in FY18.
v.There are 29 participants in the ARC industry. Though 70 per cent of the industry AUM are with just five of them and 54% of the total net owned funds are with just the top three of them.
vi.From Rs 2,500 crore capital deployed by 14 ARCs between fiscal 2003 and 2014, it has gone up to Rs 11,500 crore by 28 players in 2022.
vii.Until March 2022, 68% of the debt was corporate NPAs, down from a much higher 96% in FY19 when only 4% were non-corporate debt.
What is ARC?
It is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions at a mutually agreed value. It attempts to recover the debts or associated securities by itself.
- ARCs are registered under the RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, 2002).
Policybazaar partners with Niva Bupa Health Insurance and Tata AIA to Launch Unique ‘Health, Wealth and Life Solution’
Policybazaar in partnership with the insurer partners Niva Bupa Health Insurance and Tata AIA Life Insurance Company Limited has developed a new unique solution ‘health, wealth and life solution’ to offer the benefit of health insurance, life insurance as well as return on investment.
- The new health + wealth + life offering combines the benefits of ULIP (Unit Linked Insurance Plan) and health insurance, which will provide protection against death and disease as well as enable wealth creation for its customers.
- This solution will be beneficial for all kinds of customers as it overcomes buying multiple plans for health insurance, life insurance and investment.
i.Wealth creation– This plan offers double the amount of premium invested at the time of maturity even if the funds grow at an 8% rate.
ii.Ageless plan – The applicable premium has to be paid as per the same age (age at when the customer buys the plan) for blocks of 10 years.
iii.Tax saving – ULIP provides the policyholder with the benefit of Section 80C and 10 (10D) owing to the life insurance component and health insurance component being eligible for rebate under Section 80D.
iv.Preventive healthcare: The plan offers the customer coverage for annual health check-up from day 1 of the policy.
v.The solution also include Booster Benefit in health insurance and ReAssure Benefit
Headquarters – Gurgaon, Haryana
Establishment – 2008
President & CEO – Sarbvir Singh
CBoI & Moneywise Financial Services partners for MSME loans
Central Bank of India (CBoI) and Moneywise Financial Services Pvt Ltd (MFSPL), a non-banking financial company, signed a co-lending agreement for lending to micro, small and medium-sized enterprises (MSMEs). The agreement will help both entities to expand their portfolio.
- According to the agreement, Moneywise Financial Services will process MSME loan proposals as per jointly formulated credit parameters and eligibility criteria.
- CBoI will record 80% of the MSME loans on its books under mutually agreed terms.
ECONOMY & BUSINESS
Trade bodies sign MoU to foster Indo-Brazilian Bilateral Pulses Trade
The India Pulses and Grains Association (IPGA) and IBRAFE (Instituto Brasileiro do Feijão e Pulses), the Brazilian Institute of Beans, Pulses and Special Crops, have signed a Memorandum of Understanding (MoU) at the 6th edition of the Pulses Conclave (16-18 February 2023) held in Mumbai, Maharashtra, to establish cooperative actions to contribute to the food security of both India and Brazil.
- As part of the MoU, both nations would take steps to promote the development of international trade between Brazil and India.
- MoU highlights market intelligence, food security, quality standards, trade promotion, technology transfer, and incentives for investments.
- IPGA and IBRAFE will conduct research in pre-harvest and post-harvest activities and promote pigeon peas (tur), black matpe (urad), and any other pulse crop of mutual interest.
Infosys Collaborates with Microsoft to boost Enterprise Cloud Adoption
On 23rd February 2023, Infosys Limited, an Indian multinational information technology company, announced that it will expand its collaboration with Microsoft Corporation, an American multinational technology corporation, to help accelerate enterprise cloud transformation journeys worldwide.
- Businesses will benefit from the expanded partnership by receiving the best cloud services from Infosys Cobalt and Microsoft’s cloud computing technologies, headed by Azure, across the business value chain.
- Adopting the cloud improved speed to market and the ability to discover new revenue streams and increased profit growth by up to 11.2% year-over-year (YOY).
- The extended strategic collaboration aims to benefit enterprises by providing the best of Infosys Cobalt cloud products and Microsoft’s cloud computing technologies, led by Azure, across the business value chain.
AWARDS & RECOGNITIONS
24th EY Entrepreneur of the Year Awards: Sajjan Jindal of JSW Group wins EY Entrepreneur of the Year Award 2022On 23rd February 2023, Sajjan Jindal, Chairman and Managing Director(CMD) of Mumbai (Maharashtra)-based JSW Group, has been named the EY Entrepreneur of the Year 2022 India at the 24th EY Entrepreneur of the Year™ Awards ceremony held in New Delhi, Delhi.
- He was recognised for his exceptional entrepreneurial journey in scaling the global conglomerate with a presence in steel, cement, infrastructure, energy, and paints to revenues of USD 22 billion, globally employing over 40,000 people.
- Sajjan Jindal will now represent India at the EY World Entrepreneur of the Year Award (WEOY) at Monte Carlo, Monaco, in June 2023.
K P Singh, Chairman Emeritus, DLF Group was honoured with the Lifetime Achievement Award for his pioneering work in architecting the real-estate landscape of India.
- Hardeep Singh Puri, Union Minister for Housing and Urban Affairs and Minister for Petroleum and Natural Gas, felicitated the winners and finalists.
Awards for 9 other categories were also announced and the winners represented both mature industries and young entrepreneurs from startups.
EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
- Ernst & Young Global Limited, the United Kingdom (UK) company limited by guarantee, does not offer services to clients.
Chairman and CEO- Carmine Di Sibio
Headquarters- London, United Kingdom
>> Read Full News
Central Excise Day 2023 – February 24The Central Excise Day is annually observed across India on 24th February to recognise and acknowledge the efforts and contributions of the Central Board of Indirect Taxes and Customs (CBIC) towards the development of India.
The day also marks the anniversary of the enactment of the Central Excise and Salt Act on 24th February 1944.
- The annual events and celebrations as a part of Central Excise Day are organised by the CBIC.
Objective of Central Excise Day:
To encourage the CBIC department employees to carry out the duties of central excise across India in a better way in order to prevent corruption in the goods manufacturing business.
About Central Board of Indirect Taxes and Customs(CBIC):
Chairman– Vivek Johri
Headquarters– New Delhi, Delhi
Motto– “Desh Sevarth Kar Sanchay” Tax collection in Service of the Nation
>> Read Full News
Haryana CM Manohar Lal Khattar Presents Tax-free Budget for FY24 with Rs 1,83,950 crore Outlay
On February 23, 2023, Chief Minister of Haryana Manohar Lal Khattar presented a tax-free state budget for financial year 2023-24 (FY24) with an outlay of Rs 1,83,950 crore, an increase of 11.6% from FY23 Budget of Rs 1,64,808 crore.
- The budget was focused on agriculture, rural development, education, and health
- No proposal was imposed for new tax.
i.Rs 57,879 crore was proposed under the budget for expenditure on capital asset creation, representing 31.5% and Rs 1,26,071 crore on revenue expenditure representing 68.5%.
ii.Revenue receipt was projected at Rs 1,09,122 crore, and Capital receipt was projected at Rs 71,173 crore.
iii.Fiscal Deficit: In Revised Estimates 2022-23 (RE FY23), the fiscal deficit was about 3.29% of Gross State Domestic Product (GSDP) as against the permissible limit of 3.5% of GSDP. The fiscal deficit for FY24 was projected at 2.96% of GSDP.
iv.The old-age pension was proposed to be increased from Rs 2,500 to Rs 2,750 per month from April 1, 2023.
iv.The budget also ensured an increase in eligibility income from Rs 2 lakh to Rs 3 lakh.
Governor – Bandaru Dattatreya
Zoological park – Mini Zoo and Rohtak Zoo
Wildlife Sanctuary – Chhilchhila Wildlife Sanctuary, Nahar Wildlife Sanctuary
>> Read Full News
Gujarat Finance Minister Kanu Desai Presented Rs 3.01 lakh Crore Budget for FY 2023-24 with no new taxesGujarat Finance Minister Kanu Desai presented a Rs 3.01 lakh crore budget for financial year 2023-24 with no new taxes imposed on people. The budget for FY24 includes proposals for various schemes and projects which were promised in the manifesto of the 2022 elections.
- The budget of FY24 focuses on infrastructure development, tourism, Electric Vehicle (EV) ecosystem and more.
- This records a significant increase of Rs 57,056.89 crore in the budgetary provisions, which is 23.38% higher than the budget for FY 2022-2023.
i.Rs 500 crore has been allocated for the Ujjwala Yojana, under which around 39 lakh families would be provided with 2 cooking gas cylinders for free in a year.
ii.Gujarat government has announced a 10% point reduction in value-added tax (VAT) on Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). The VAT is reduced from 15% on CNG and PNG to 5%.
Chief Minister– Bhupendrabhai Patel
Governor– Acharya Devvrat
Wildlife Sanctuary– Ratanmahal Sloth Bear Sanctuary; Kutch Desert Sanctuary
Zoological Park– Sakkarbaug zoo; Dr Shyamaprasad Mukherjee Zoological Garden (Sarthana Nature Park)
>> Read Full News
List of Current Governors in India – February 2023
List of Current Chief Ministers in India – February 2023
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 25 February 2023|
|1||CJI DY Chandrachud Launches “Neutral Citations” For All Supreme Court Judgements|
|2||Mercom report: India’s Solar capacity installations grows 27% to 13 GW in 2022|
|3||CSC Academy and NIELIT signs MoU to Enhance Digital Literacy and Skill Development in India|
|4||18th UIC World Security Congress organized by UIC & RPF in Jaipur, Rajasthan|
|5||Union Cabinet approves Construction of Shinkun La tunnel in Ladakh|
|6||CAG Girish Chandra Murmu selected as External Auditor of ILO|
|7||I2U2 Business Forum’s Inaugural Meeting Hosted by UAE in Abu Dhabi; India became member of AIM4C|
|8||S&P Global’s Top 250 Global Energy Company ranking: NTPC Top among Independent Power Producers and Energy Traders|
|9||Sri Lanka approves USD 442 Million Adani Green Wind Power Plants|
|10||Karnataka Bank, Paisalo Digital inked Co-Lending Pact for MSME Lending|
|11||Niva Bupa rolls out ReAssure 2.0, a New Comprehensive Plan|
|12||AUM of ARCs expected to grow 9.8% in FY23: CRISIL Report|
|13||Policybazaar Launches Unique ‘Health, Wealth and Life Solution’|
|14||CBoI & Moneywise Financial Services partners for MSME loans|
|15||Trade bodies sign MoU to foster Indo-Brazilian Bilateral Pulses Trade|
|16||Infosys Collaborates with Microsoft to boost Enterprise Cloud Adoption|
|17||24th EY Entrepreneur of the Year Awards: Sajjan Jindal of JSW Group wins EY Entrepreneur of the Year Award 2022|
|18||Central Excise Day 2023 – February 24|
|19||Haryana CM Manohar Lal Khattar Presents Tax-free Budget for FY24 with Rs 1,83,950 crore Outlay|
|20||Gujarat Finance Minister Kanu Desai Presented Rs 3.01 lakh Crore Budget for FY 2023-24 with no new taxes|